CRAWFORDSVILLE, Ind. (Jan. 2, 2015) — Gas prices continue to drop and are some of the lowest prices we’ve seen in many years.
According to AAA, the average price for a gallon of self-serve regular in the Indianapolis area is $1.89 compared to a year ago when prices were $3.38. The lower prices mean money is staying in your pocket or bank account when you go to the pump.
Crawfordsville appears to have some of the lowest prices. It’s where some stations are selling at between $1.52 and $1.58 per gallon.
“$20 can last me three days of work,” said Annette Mason of Crawfordsville.
Mason is a mail carrier who uses her own money to fill up her own vehicle. She’s excited about the cheap gas and is saving the money she’s not spending.
“We’re planning to move back to Michigan after my daughter graduates, so it’s going towards our move,” Mason said.
While the prices stay low, Financial Expert Peter Dunn suggests putting aside any of your gas budget money that you didn’t spend.
“Transfer the remainder of what you would have put in your gas tank a few months ago and put it in your kids college fund or put it in your savings account or just make a contribution to something,” he said.
Dunn worries about some adverse consequences to the lower prices. Hoosiers who normally budget for gas money at $3 per gallon may tweak their budget to reflect today’s cheaper prices. If the prices don’t stay this low, there’s the fear of spending over your budget. Bottom line, keep things the way they are now and save the difference.
You can also do what Danny Mohr of Thorntown does with the gas money he’s saving. He’s buying more.
“For my log splitter, yeah, so I can split firewood and heat the house,” Mohr said.